The company that designs watches for Kenneth Cole, Tommy Bahama, Ted Baker and others has filed for bankruptcy with plans to sell itself to the highest bidder at a court-supervised auction, Dow Jones Daily Bankruptcy Review reported today. Geneva Watch Group filed for chapter 11 protection at the U.S. Bankruptcy Court in Manhattan Wednesday. The company has already lined up a $15 million lead bid for its assets from an affiliate of China's Time Watch Investments Ltd., according to Jeffrey Gregg, Geneva's chief restructuring officer. In court papers filed on Thursday, Geneva asked Judge Martin Glenn to sign off on an $18.5 million bankruptcy financing package from lenders led by Wells Fargo, which is intended to fund its operations while in chapter 11.
